Funding for RV .... 2011 Budget or DFI?

[KCT]

This was an interesting brought up in our chat. The names have been removed by request of the member sharing, as this information was shared with them in an e-mail they received. Has know the trusted source over 10 years, but wishes to protect anonymity.

When I requested his permission to post in forums, it was suggested to post it as a question, and then see whaat others think about it.

From DV chatroom, 12/2/2010 5:00 am:

This is about the clearest way to explain the significance of the 31st end of DFI that I can find. The person chatting about it is an expert on the UN CH 7 and sanctions and was the one who told us 2 years before it was announced that Iraq would be paying compensation to the US "human shield" victims. He does know what he is talking about has never been proved wrong yet - he also is one who NEVER says he knows the rate and date.

In August 1991 the UNSC passed SCR 706, which was a proto-oil-for-food resolution. It would have allowed Iraq (under September's SCR 712) to sell $1.6 billion of oil every 180 days. This cap, for which there was no humanitarian reason given that all funds were to be paid into a UN controlled account, would have left less money available for Iraq's humanitarian needs than what the UN Secretary General had just reported to the SC as being the minimum consistent with Iraq's most basic humanitarian needs.

This money was also used during the transition period before the DFI was set up.) The DFI have been disbursed mainly for “the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations”.

How much of this money were they able to use along the way? I mean 3.2 billion times 19 years is a lot of money.

A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements".[1] The fund also eventually received money (US$1.724 billion) from seized and "vested" Iraqi bank accounts and funds seized by coalition forces ($926.7 million). ($650 million) of this amount belongs to Uday Saddam Hussein, the older son of the former Iraqi president.

This money was also used during the transition period before the DFI was set up.) The DFI have been disbursed mainly for “the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations”. One third is used for Iraq's basic needs the other two third is put into the DFI funds The Government of Iraq through the head of the Committee of Financial Experts (COFE) has oil for food from the sanctions of Chapter 7. The DFI funds are tied to it and neither released yet. On Dec 31st, will be the release of COFE, hence no sanctions after Dec 31st, no chapter7, and an r/v, if not before then.

Not theories, just facts straight from the UNSC. The UN currency doesn't play into this because this has never been done before so it clearly says DFI funds go for currency exchange - meaning backing the r/v. No theories just the FACTS

well it was the assertion that was made.. that the money for the RV would come out of the DFI fund and not necessarily the operating budget for fy 2011 and that the reason why it might not be found in the fy 2011 budget is due to the assertion that this was to come out of the DFi fund.

[noskar]

great post buddy, what a wealth of info, so after 11/31 there can be a RV being that these funds are released after the 31st correct or am i comprehending this wrong?

[chuksan]

Noskar, the DFI is supposed to expire on Dec 31 2010.

[KCT]

I think it means any time between now December 31st. JMO

[G Zam]

This was an interesting brought up in our chat. The names have been removed by request of the member sharing, as this information was shared with them in an e-mail they received. Has know the trusted source over 10 years, but wishes to protect anonymity.

When I requested his permission to post in forums, it was suggested to post it as a question, and then see whaat others think about it.

From DV chatroom, 12/2/2010 5:00 am:

This is about the clearest way to explain the significance of the 31st end of DFI that I can find. The person chatting about it is an expert on the UN CH 7 and sanctions and was the one who told us 2 years before it was announced that Iraq would be paying compensation to the US "human shield" victims. He does know what he is talking about has never been proved wrong yet - he also is one who NEVER says he knows the rate and date.

In August 1991 the UNSC passed SCR 706, which was a proto-oil-for-food resolution. It would have allowed Iraq (under September's SCR 712) to sell $1.6 billion of oil every 180 days. This cap, for which there was no humanitarian reason given that all funds were to be paid into a UN controlled account, would have left less money available for Iraq's humanitarian needs than what the UN Secretary General had just reported to the SC as being the minimum consistent with Iraq's most basic humanitarian needs.

This money was also used during the transition period before the DFI was set up.) The DFI have been disbursed mainly for “the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations”.

How much of this money were they able to use along the way? I mean 3.2 billion times 19 years is a lot of money.

A part of the fund has been transferred to Baghdad and Iraq, and the DFI-Baghdad account was opened at the Central Bank of Iraq "for cash payment requirements".[1] The fund also eventually received money (US$1.724 billion) from seized and "vested" Iraqi bank accounts and funds seized by coalition forces ($926.7 million). ($650 million) of this amount belongs to Uday Saddam Hussein, the older son of the former Iraqi president.

This money was also used during the transition period before the DFI was set up.) The DFI have been disbursed mainly for “the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations”. One third is used for Iraq's basic needs the other two third is put into the DFI funds The Government of Iraq through the head of the Committee of Financial Experts (COFE) has oil for food from the sanctions of Chapter 7. The DFI funds are tied to it and neither released yet. On Dec 31st, will be the release of COFE, hence no sanctions after Dec 31st, no chapter7, and an r/v, if not before then.

Not theories, just facts straight from the UNSC. The UN currency doesn't play into this because this has never been done before so it clearly says DFI funds go for currency exchange - meaning backing the r/v. No theories just the FACTS

well it was the assertion that was made.. that the money for the RV would come out of the DFI fund and not necessarily the operating budget for fy 2011 and that the reason why it might not be found in the fy 2011 budget is due to the assertion that this was to come out of the DFi fund.

DFI - http://www.iraqcoalition.org/budget/DFI_intro1.html

UN chap 7 lifted all but DFI - http://www.foxnews.com/politics/2010/12/15/end-iraq-sanctions-reflects-progress-saddam-era-analysts-say/

Thought this might be of relevance, seeing how the DFI funds were extended to June 31, 2011.

[txsrooster]

So if on Dec 31 Iraq had 1,789,772,580 SDR IMF LINK what does that mean? 1.7B SDR = ??? USD

[G Zam]

So if on Dec 31 Iraq had 1,789,772,580 SDR IMF LINK what does that mean? 1.7B SDR = ??? USD

I'm not quite sure how it works but exchange rate for 1 SDR = $.66 USD

"The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, and pound sterling). The SDR currency value is calculated daily (except on IMF holidays or whenever the IMF is closed for business) and the valuation basket is reviewed and adjusted every five years."

http://www.imf.org/external/np/fin/data/rms_sdrv.aspx

If you look back at your link ( http://www.imf.org/external/np/fin/tad/exporta.aspx?memberkey1=460&date1key=2010-12-31&category=CURRHLD&dateyear=2010&exportal_flag=Y ) you'll see that in Jan 2010 the amount was only $1,014,329,000, meaning that IMF account for Iraq gained an additional $772,460,000 over last year.

[G Zam]

thoughts anyone??

[Rayzur]

Hasn't the DFI date of expiration been extended to 30 June 2011 ??

[G Zam]

Hasn't the DFI date of expiration been extended to 30 June 2011 ??

Yes, it has.

"DFI - http://www.iraqcoali...DFI_intro1.html

UN chap 7 lifted all but DFI - http://www.foxnews.c...a-analysts-say/

Thought this might be of relevance, seeing how the DFI funds were extended to June 31, 2011."

Read more:

[Rayzur]

Yes, it has.

"DFI - http://www.iraqcoali...DFI_intro1.html

UN chap 7 lifted all but DFI - http://www.foxnews.c...a-analysts-say/

Thought this might be of relevance, seeing how the DFI funds were extended to June 31, 2011."

Read more:

Oops!!!! Sorry you can't see me slapping my head with that dufyus look I get when I totally blow past what someone just said ... so I can say the same thing!